Government backs Singular Health innovation with $305k R&D tax fund
Health & Biotech
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Singular Health Group’s unique contribution to developing national technologies in the research fields of spinal and soft tissue regeneration has been recognised during the June 30 financial year with a significant government tax refund.
The more than $305,000 refund is in support of Singular Health’s (ASX:SHG) medical technology portfolio, including breaking further ground on AI tools in spinal and soft tissue segmentation.
Through an Australian Government program, the tax incentive provides companies with tax offsets for eligible activities, on the back of a productive campaign of cutting-edge software development working with research agencies, universities, and partner companies.
SHG has developed and commercialised the proprietary Volumetric Rendering Platform (VRP) for the 3D & VR visualisation of anatomy using standard radiological imagery, and, is committed to developing technologies that provides patients and practitioners alike with access to personalised, enhanced medical data to inform better health decisions
SHG chief executive officer Thomas Hanly said the Federal Government’s continual support of research and development by Australian business is critically important to developing strong capabilities, nurturing key talent and building a leading intellectual property culture within Australia.
“The 2020/21 FY was a major shift for Singular Health as we were able to partner and leverage our expertise and vision with the capabilities of some of Australia’s key research agencies and universities,” Mr Hanly said.
“This has set the ground-work for a research and development program that will include commercial partners as we seek to monetize our research in 2022”.
At the end of January, RedLeaf rated Singular Health Group at speculative buy with a valuation of $0.46 from its share price of $0.23, saying the company offers investors “attractive exposure” to the growing utilisation of emerging tech such as VR, AI, Blockchain, and metal 3D printing.
Its core product – 3Dicom Surgical – is part of the company’s construction of a vertically integrated platform – spanning ‘Scan to Surgery’.
“This will take the patient from initial diagnostic scans through to the delivery of patient specific implants in the operating theatre,” RedLeaf says.
Plus, SHG’s 2021 acquisition of ‘Virtual Surgical Planning’ and an investment in a medical 3D printing facility in Melbourne forms an end-to-end surgical planning process that RedLeaf says will, “not only become a competitive advantage for the company and result in high operating margins but also provide bolt-on M&A opportunities.”
This article was developed in collaboration with Singular Health Group, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.